Matinee Energy Enters Alliance With Hyundai, LG Electronics
Matinee Energy Inc., a renewable energy project developer and financier, has signed a memorandum of understanding (MOU) and formed a strategic alliance with Hyundai Heavy Industries Co. Ltd. and LG Electronics Inc., which are based in Korea. Matinee said it is focusing on utility-scale projects in the US Southwest.
Matinee has invited Hyundai and LG to join as lead partners for a total of 240 MW – or $1 billion – in contracts for solar energy plants in the initial phase. Both companies have accepted the invitation. Matinee says it also plans to add additional alliance partners that are complementary to all parties.
According to Matinee, The Industrial Company (T.I.C.), which is based in Colorado, as well as other construction and technology companies located in the U.S., will join in supporting this announcement and provide their specific services and resources. ( source Matinee Energy Inc.)
LG Group last week announced plans to invest $18 billion over the next 10 years to reduce its greenhouse gas emissions and expand it business in energy efficient and renewable energy products. Earlier this month Hyundai Heavy announced its entry into the Chinese wind power industry through a MOU to jointly develop a turbine manufacturing plant with Datang Shandong Power Generation Co., LTD.
About LG Electronics, Inc.:
LG Electronics, Inc. is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in 114 operations including 82 subsidiaries around the world. With 2007 global sales of USD 44 billion, LG is comprised of five business units – Home Entertainment, Home Appliance, Air Conditioning, Business Solutions and Mobile Communications. LG is the world’s leading producer of mobile handsets, flat panel TVs, air conditioners, front-loading washing machines, optical storage products, DVD players and home theater systems. For more information, visit www.lg.com.
About Hyundai Heavy Industries:
Korean multinational Hyundai Heavy Industries (HHI) has a global business network in each of its six business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro Electric Systems, and Construction Equipment. Founded by the late Chung Ju-yung on March 23, 1972, Hyundai Heavy Industries wrote the first chapter of its shipbuilding history in June, 1974, by completing construction of the world’s largest shipyard and two VLCCs (Very Large Crude Carrier) simultaneously. A decade after its first delivery, the Hyundai Shipyard topped 10 million dead-weight tons in aggregate ship production, and has maintained the leading position in the world shipbuilding market ever since. Hyundai Shipyard’s drive has mirrored the growth of modern Korean heavy industry, and its success has allowed it to expand into other heavy industry areas, ultimately leading to the formation of Hyundai Heavy Industries, an integrated heavy industry company. The latest chapter of HHI’s history began when it separated from the Hyundai Group in February, 2002.
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